PTT Oil and Retail Watchlist
OR: Rising Sales and Healthy Margin in 2Q22
165 Views, 19 May 2022 11:13
- Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology. Our TP implies 25xPE’22E
- Expect the 2Q22 earnings to improve both YoY and QoQ, on the back of continued oil sales growth and healthy marketing margin.
- The 2H22 earnings should improve YoY from better sales growth, however oil marketing margin may prone to downside risk as the crude oil price continue to remain at high levels.